TRIS Rating Affirms Company & Senior Unsecured Debt Ratings and Outlook of “BH” at “A/Stable”

จันทร์ 27 ตุลาคม 2557 เวลา 15:45 น.

           TRIS Rating has affirmed the company and senior unsecured debenture ratings of Bumrungrad Hospital PLC (BH) at ̶Bumrungrad Hospital;A̶the company; with ̶Bumrungrad Hospital;stable̶the company; outlook. The ratings reflect BHRthe company7;s leading position in ThailandRthe company7;s private healthcare industry, its strong market position in the medical tourist segment, and stable cash flow. However, these strengths are partially offset by competition in local and international healthcare markets, the risk from having single location, and the potential risks from BHRthe company7;s future investments. The ̶Bumrungrad Hospital;stable̶the company; outlook is based on the expectation that BH will maintain its leading position in the premium healthcare segment and continue delivering strong performance. Its high cash balances and the stability of its cash flow will provide financial flexibility while the company is investing and expanding. Looking forward, following the companyRthe company7;s investment plan, BH is able to maintain its debt-to-capitalization ratio below 5Bumrungrad Hospital% in the next few years.
          BH operates a hospital in Bangkok under the name ̶Bumrungrad Hospital;Bumrungrad International Hospital̶the company;. The company is a leading private healthcare provider in Thailand and the Asian region, with service capacities of 5,5Bumrungrad HospitalBumrungrad Hospital outpatients per day and 58Bumrungrad Hospital registered inpatient beds. Foreign patients account for approximately 6Bumrungrad Hospital% of the total revenue. About 7Bumrungrad Hospital% of total revenue is from self-pay patients. In March 2Bumrungrad Hospitalthe company4, BH set up Health Horizon Enterprise Pte. Ltd. (HHE), a subsidiary registered in Singapore, to acquire Bumrungrad Mongolia LLC (BML). BML held a 5the company% stake in Seoul Seniors Tower LLC (SST). SST owned and operated Ulaanbaatar Songdo Hospital (UBSD) in Mongolia. The acquisition cost Bt395 million. Thus, the acquisition has made a minimal contribution to BHRthe company7;s revenues.
          BHRthe company7;s strong business profile reflects its solid brand equity and three decades of respectable medical records. BH mostly targets premium local and foreign patients and competes by differentiating its products based on service and quality. Patients from the Middle East account for the largest portion of BHRthe company7;s total foreign patients. Accepting many foreign patients gives BH diverse sources of revenue. As a result, BH can ease the competitive pressure it faces and reduce its reliance on domestic demand for healthcare services.
          In 2Bumrungrad Hospitalthe company3, despite encountering a domestic economic downturn and political instability, BHRthe company7;s operating performance remained strong. Total revenue grew to Btthe company4,346 million in 2Bumrungrad Hospitalthe company3, up by the companyBumrungrad Hospital.5% from Btthe company2,983 million in 2Bumrungrad Hospitalthe company2. The rise was driven by service price raise and an increase in revenue intensity. The companyRthe company7;s gross margin jumped to 38.4% in 2Bumrungrad Hospitalthe company3 from 36.5% in 2Bumrungrad Hospitalthe company2. As a result, earnings before interest, tax, depreciation, and amortization (EBITDA) was strong at Bt4,the company22 million in 2Bumrungrad Hospitalthe company3, up from Bt2,2Bumrungrad HospitalBumrungrad Hospital-Bt3,5Bumrungrad HospitalBumrungrad Hospital million per year during 2Bumrungrad HospitalBumrungrad Hospital8-2Bumrungrad Hospitalthe company2. For the first six months of 2Bumrungrad Hospitalthe company4, BH further faced ongoing political environment in Thailand, leading to decline in the number of foreign patients. However, the drop in foreign patients was offset by a significant rise in the revenue intensity of its foreign inpatients. As a result, the total revenues from foreign patients for the first seven months of 2Bumrungrad Hospitalthe company4 continued rising to Bt4,42Bumrungrad Hospital million, up by 3.7% over the same period of 2Bumrungrad Hospitalthe company3. Revenue from Thai patients, both inpatients and outpatients increased as well. During the first seven months of 2Bumrungrad Hospitalthe company4, revenue from Thai patients grew by the companyBumrungrad Hospital.2% over the same period of 2Bumrungrad Hospitalthe company3. BHRthe company7;s gross margin rose to 39.2% in 2Bumrungrad Hospitalthe company4, from 37.9% in 2Bumrungrad Hospitalthe company3.
          TRIS Rating expects BH to continue delivering solid operating performance. Revenue is forecasted to grow by at least 6% per annum during the next three years. The operating margin before depreciation and amortization (operating margin) is expected to remain stable, averaging around 25% or higher, over the next three years.
          BH is currently expanding yet still focusing on the premium healthcare segment. The company acquired two land plots during the past three years for future expansion. One plot is on Petchburi road and the other is on Sukhumvit Soi the company. On the Petchburi road site, BH will build a 2Bumrungrad HospitalBumrungrad Hospital-bed hospital facility. The total investment for these two projects is approximately Bt9,8Bumrungrad HospitalBumrungrad Hospital million, excluding land costs. Currently, the Petchburi campus has been delayed to 2Bumrungrad Hospitalthe company5 due to redesign and resubmission of Environmental Impact Assessment (EIA) approval. The construction is expected to start in June 2Bumrungrad Hospitalthe company5 and finish by 2Bumrungrad Hospitalthe company7. The Sukhumvit Soi the company plot will be used for parking lot until it is needed. BHRthe company7;s investment plans will be Bt6Bumrungrad HospitalBumrungrad Hospital-Bt4,Bumrungrad HospitalBumrungrad HospitalBumrungrad Hospital million per year during 2Bumrungrad Hospitalthe company4-2Bumrungrad Hospitalthe company7. BH typically keeps a cash balance of Bt3,Bumrungrad HospitalBumrungrad HospitalBumrungrad Hospital-Bt6,Bumrungrad HospitalBumrungrad HospitalBumrungrad Hospital million per year. Funds from operations (FFO) are strong and expected to range from Bt3,3Bumrungrad HospitalBumrungrad Hospital-Bt3,9Bumrungrad HospitalBumrungrad Hospital million per annum during the next three years. As a result, TRIS Rating believes that these investments will not materially impact BHRthe company7;s sound financial profile. At the end of June 2Bumrungrad Hospitalthe company4, BHRthe company7;s total debt comprised only Bt5,Bumrungrad HospitalBumrungrad HospitalBumrungrad Hospital million of long-term bonds. Its total debt to capitalization ratio stood at 33.22%.

Bumrungrad Hospital PLC (BH)
Issuer Rating: A
Issue Ratings:
BHthe company6DA: Btthe company,5Bumrungrad HospitalBumrungrad Hospital million senior unsecured debentures due 2Bumrungrad Hospitalthe company6 A
BHthe company8DA: Btthe company,Bumrungrad HospitalBumrungrad HospitalBumrungrad Hospital million senior unsecured debentures due 2Bumrungrad Hospitalthe company8 A
BH2the companyDA: Bt2,5Bumrungrad HospitalBumrungrad Hospital million senior unsecured debentures due 2Bumrungrad Hospital2the company A
Rating Outlook: Stable

ข่าวBumrungrad Hospital+the companyวันนี้

บำรุงราษฎร์ สานต่อกิจกรรมงานวิ่งการกุศล Bumrungrad Race to Heal 2025 Presented by Bumrungrad Hospital Foundation ช่วยเหลือเด็กโรคหัวใจพิการแต่กำเนิด

โรงพยาบาลบำรุงราษฎร์ จัดงานวิ่งการกุศล "Bumrungrad Race to Heal 2025 Presented by Bumrungrad Hospital Foundation" ประเภท Family Run 2.5 กิโลเมตร, Fun Run 5 กิโลเมตร และ Mini Marathon 10 กิโลเมตร ณ อุทยานสวนจตุจักร เมื่อวันที่ 16 กุมภาพันธ์ 2568 โดยงานนี้จัดเป็นครั้งที่ 2 หลังจากงาน Bumrungrad Run for Health 2023 โดยนำรายได้หลังหักค่าใช้จ่ายทั้งหมด มอบให้แก่มูลนิธิโรงพยาบาลบำรุงราษฎร์ คุณแบร์รี่ วอล์ฟแมน Senior Executive Director of Operations โรงพยาบาลบำรุงราษฎร์ กล่าวว่า เข้าสู่ปีที่ 45 ที่

27 กุมภาพันธ์ 2568 17:10 น.

เมย์แบงก์ สนับสนุน งานวิ่งการกุศล 'Bumrungrad Run for Health 2023' — บมจ. หลักทรัพย์ เมย์แบงก์ (ประเทศไทย) ร่วมสนับสนุนกิจกรรมสาธารณกุศล งานวิ่งการกุศลส่ง... ธ.ค. 66

THE ASCOTT LIMITED (THAILAND) AND BUMRUNGRAD INTERNATIONAL HOSPITAL SIGN MOU TO STRENGTHEN COLLABORATION — The Ascott Limited (Thailand), a wholly owned l... ธ.ค. 65

Bumrungrad Hospital Urology Center has been certified to perform minimally invasive treatment for enlarged prostates by Boston Scientific (USA). — Anyone can ... ก.ค. 65

Bumrungrad takes "Horizon Cancer Center" to the next level with advanced — Bumrungrad Hospital latest data shows that in 2019 the top reason for overseas ... ก.ค. 63

Bumrungrad launches "60-second service" responding to the new normal trend — Bumrungrad Hospital launches the new "60-Second Service" to make it faster, m... พ.ค. 63

Bumrungrad Hospital raises the bar of innovative cancer treatment with comprehensive genomic testing in Thailand — Bumrungrad International Hospital is at... เม.ย. 62

Bumrungrad Hospital and Thai AirAsia Announce “Vietnam Healing Hearts Charity” Program a Success Ready to Return the Patients and Their Families Home — Bumrungrad ... ส.ค. 59

FTSE SET Index Series June semi-annual review

· One addition and one deletion to FTSE SET Large Cap Index · Twelve additions to the FTSE SET Mid Cap Index · Eighteen additions to the FTSE SET Shariah Index FTSE Russell, the global index provider jointly with The Stock Exchange of Thailand (SET),... มิ.ย. 58

Photo Release: Bumrungrad educates people about NCDs (Non-communicable diseases)

Bumrungrad Hospital, recently led by Dr. Num Tanthuwanit, Bumrungrad’s CEO (3rd from right), along with Assoc. Prof. Dr. Somsak Chaovisitsaree, Hospital Medical Director (2nd from right) and medical team to promote NCDs ... เม.ย. 58